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Brokerage house Broker Cluj switches to losses in Q1, on the red with lei 2.3m

Broker Cluj (BRK) ended the first quarter of the year with losses of 2.3 million lei, revenues having dropped over seven-fold as the activity was suspended repeatedly, announced the company today.

Broker reported a net profit of 1.43 million lei during the first quarter of last year.

The revenues drawn this year amount to only 1.06 million lei, 86 percent down from last year's 7.87 million lei. Expenses however decreased as well, by 46 percent, from 6.28 million lei last year to 3.36 million lei.

The company expects this year's total revenues to decrease to 11.53 million lei, 40 percent below the level reached last year and the gross profit is pinpointed at 852,000 lei.

CNVM placed heavy sanctions on the brokerage house at the middle of April, as a result of a control carried out by CNVM commissaries, which revealed several irregularities. The company's heads at the time, Petru Prunea and Adrian Ceuca, were banned from the capital market for five and three years respectively, while the company was fined by 724,000 lei, the equivalent of 0.5 percent of its share capital.

The investigation revealed that Broker Cluj did not respect a previous decision of the commission concerning the activity of the company's branches being suspended temporarily. Moreover, Broker Cluj transferred money from its private account to the open account where it kept clients' money, without the transfers showing in the investors' account charts. It also failed to prove that the discounts for its debtor clients were made from the company's funds and not from the clients' funds.

Broker Cluj shares are traded on the first tier of the Bucharest Stock Exchange under the BRK symbol.

 

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Tags: million broker

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